# Table 8: Income-Tercile Jackknife

Tests whether Z₁ varies across income groups and whether dropping any tercile changes the result.


## Current Account / GDP

| Sample | N | Countries | Z₁ | SE | p | R² |
|:---|---:|---:|---:|---:|---:|---:|
| Full | 4227 | 160 | 4.23 | 12.16 | 0.7282 | 0.194 |
| High only | 1525 | 54 | 28.39 | 15.27 | 0.0633 | 0.316 |
| Middle only | 1398 | 56 | 6.51 | 24.66 | 0.7919 | 0.140 |
| Low only | 1304 | 50 | -40.21 | 28.74 | 0.1620 | 0.135 |
| Drop High | 2702 | 106 | -0.26 | 18.49 | 0.9890 | 0.088 |
| Drop Middle | 2829 | 104 | 4.18 | 13.90 | 0.7638 | 0.228 |
| Drop Low | 2923 | 110 | 17.85 | 13.71 | 0.1928 | 0.242 |
| OECD only | 1084 | 37 | -49.29 | 29.73 | 0.0976 | 0.106 |
| OECD + High | 1639 | 58 | 30.15* | 14.89 | 0.0430 | 0.314 |
| OECD + High + Middle | 2923 | 110 | 17.85 | 13.71 | 0.1928 | 0.242 |
| Full panel | 4227 | 160 | 4.23 | 12.16 | 0.7282 | 0.194 |

## Gross Savings / GDP

| Sample | N | Countries | Z₁ | SE | p | R² |
|:---|---:|---:|---:|---:|---:|---:|
| Full | 3768 | 149 | 40.62* | 19.71 | 0.0394 | 0.229 |
| High only | 1496 | 53 | 33.38 | 22.37 | 0.1358 | 0.136 |
| Middle only | 1172 | 50 | 88.42* | 37.70 | 0.0192 | -0.016 |
| Low only | 1100 | 46 | -42.49 | 51.58 | 0.4102 | 0.063 |
| Drop High | 2272 | 96 | 46.09 | 31.92 | 0.1488 | 0.129 |
| Drop Middle | 2596 | 99 | 18.68 | 21.85 | 0.3927 | 0.402 |
| Drop Low | 2668 | 103 | 52.74* | 20.52 | 0.0102 | 0.008 |
| OECD only | 1084 | 37 | 22.55 | 21.25 | 0.2889 | 0.187 |
| OECD + High | 1610 | 57 | 34.63 | 21.59 | 0.1089 | 0.182 |
| OECD + High + Middle | 2668 | 103 | 52.74* | 20.52 | 0.0102 | 0.008 |
| Full panel | 3768 | 149 | 40.62* | 19.71 | 0.0394 | 0.229 |

## Gross Investment / GDP

| Sample | N | Countries | Z₁ | SE | p | R² |
|:---|---:|---:|---:|---:|---:|---:|
| Full | 3767 | 148 | 40.39** | 14.02 | 0.0040 | 0.093 |
| High only | 1516 | 54 | 22.69 | 15.16 | 0.1346 | 0.101 |
| Middle only | 1156 | 49 | 29.85 | 31.06 | 0.3368 | 0.017 |
| Low only | 1095 | 45 | 64.57 | 37.46 | 0.0850 | 0.119 |
| Drop High | 2251 | 94 | 42.20 | 23.25 | 0.0697 | 0.116 |
| Drop Middle | 2611 | 99 | 42.97** | 14.84 | 0.0038 | 0.103 |
| Drop Low | 2672 | 103 | 28.44 | 15.54 | 0.0674 | 0.070 |
| OECD only | 1084 | 37 | 35.45 | 25.18 | 0.1594 | 0.190 |
| OECD + High | 1630 | 58 | 21.61 | 14.93 | 0.1478 | 0.094 |
| OECD + High + Middle | 2672 | 103 | 28.44 | 15.54 | 0.0674 | 0.070 |
| Full panel | 3767 | 148 | 40.39** | 14.02 | 0.0040 | 0.093 |

## 10-Year Bond Yield

| Sample | N | Countries | Z₁ | SE | p | R² |
|:---|---:|---:|---:|---:|---:|---:|
| Full | 679 | 23 | 51.32* | 21.09 | 0.0152 | 0.264 |
| High only | 660 | 22 | 55.05* | 21.55 | 0.0109 | 0.253 |
| Drop Middle | 660 | 22 | 55.05* | 21.55 | 0.0109 | 0.253 |
| Drop Low | 679 | 23 | 51.32* | 21.09 | 0.0152 | 0.264 |
| OECD only | 679 | 23 | 51.32* | 21.09 | 0.0152 | 0.264 |
| OECD + High | 679 | 23 | 51.32* | 21.09 | 0.0152 | 0.264 |
| OECD + High + Middle | 679 | 23 | 51.32* | 21.09 | 0.0152 | 0.264 |
| Full panel | 679 | 23 | 51.32* | 21.09 | 0.0152 | 0.264 |